St. Joe is like The Howard Hughes Corporation, but focused on developing large master-planned communities and resorts in Northwest Florida.

• Residential Real Estate Development: Develops and sells homes, homesites, and master-planned residential communities, primarily in Northwest Florida.
• Commercial Real Estate Development: Develops, leases, and manages various commercial properties, including retail, office, and healthcare facilities.
• Hospitality Operations: Owns and operates a portfolio of hotels, resorts, golf courses, and private clubs.
• Timber Operations: Manages and harvests timberland for lumber and other forest products.

The St. Joe Company (symbol: JOE) serves a diverse customer base, with a significant portion of its revenue derived from sales and services to individuals, particularly within its hospitality and residential segments. Considering the company's largest revenue segment is hospitality, and a substantial portion of residential sales are direct to consumers, St. Joe primarily serves individuals across various categories.

Here are up to three categories of individual customers that St. Joe primarily serves:

1. Individual Homebuyers and Homeowners: These customers purchase homes, townhomes, or undeveloped residential lots directly from St. Joe within its master-planned communities across Northwest Florida. They represent individuals, couples, and families seeking primary residences, vacation homes, or retirement properties in St. Joe's various developments, such as Latitude Margaritaville Watersound and Watersound Origins. These sales often constitute significant, one-time transactions for the individual.

2. Leisure and Business Travelers/Hotel Guests: St. Joe operates a portfolio of hotels, resorts, and vacation rentals. Customers in this category are individuals, couples, and families who book stays at St. Joe's owned and managed hospitality properties. This includes guests at luxury hotels (e.g., The Pearl Hotel, WaterColor Inn), branded hotels (e.g., Hilton, Marriott properties within their portfolio), and other lodging options. This category also encompasses individuals utilizing their entertainment venues, golf courses, and restaurants for leisure or business travel.

3. Club Members and Amenity Users: This category includes individuals who join St. Joe's private membership clubs (e.g., The Clubs by JOE), gaining access to a range of exclusive amenities such as golf courses, beach clubs, health and fitness facilities, and social events. It also encompasses residents within their communities who pay fees for specific community amenities and services, enhancing their lifestyle within St. Joe's developments.

While St. Joe also engages in business-to-business (B2B) transactions, such as selling land parcels to other homebuilders, leasing commercial space to various businesses, and selling timber to mills, the direct service and sales to individuals form a substantial and primary component of their overall customer base, particularly considering their largest revenue segment is hospitality.

Jorge Gonzalez - President and Chief Executive Officer

Jorge Gonzalez joined The St. Joe Company in 2002 and has served as its President and Chief Executive Officer since November 2015. He has three decades of continuous experience in various planning and real estate-related roles. Mr. Gonzalez holds undergraduate and graduate degrees from Florida State University and has served on various community boards and organizations.

Marek Bakun - Executive Vice President and Chief Financial Officer

Marek Bakun is the Executive Vice President and Chief Financial Officer of The St. Joe Company, with more than 20 years of financial experience. His background includes serving as Chief Financial Officer for national and international homebuilding companies. Prior to joining St. Joe, Mr. Bakun served as CFO and Treasurer for Orleans Homebuilders, Inc., and as CFO and Treasurer for Mattamy Homes Corporation. He also held the position of Vice President and Chief Financial Officer for Morrison Homes, and managed the financial integration when the company merged with Taylor Woodrow in 2007. Mr. Bakun is a Certified Public Accountant and a licensed general contractor and real estate broker.

Elizabeth J. Walters - Senior Vice President, Chief Legal Officer and Corporate Secretary

Elizabeth J. Walters joined The St. Joe Company after more than 20 years as a partner at Burke Blue Hutchison Walters & Smith, P.A., a full-service legal firm. She represented clients in commercial, resort, and residential real estate law, including property acquisition, entitlement processes, financing, construction, and sales, as well as land use law, governmental relations, banking, business, and commercial matters.

K. Rhea Goff - Senior Vice President and Chief Administrative Officer

K. Rhea Goff began her tenure with The St. Joe Company in 2003 as a Human Resources Assistant and has progressed to Senior Vice President and Chief Administrative Officer. She oversees human resources operations, marketing, information technology, and various corporate administration, policies, and compliance matters. Ms. Goff earned her bachelor's degree from Florida State University.

Patrick Murphy - Senior Vice President of Hospitality

Patrick Murphy is the Senior Vice President of Hospitality for The St. Joe Company, overseeing the management, operations, and property development activities for its hospitality division. He joined the company in 2006 as the General Manager of WaterColor Inn & Resort and has been in his current role since 2012, leading the expansion of the company's hospitality properties.

The St. Joe Company (JOE) faces several key risks due to its business model and geographic concentration.

1. Market Concentration Risks: The company's business operations and real estate assets are heavily concentrated in Northwest Florida. This geographic concentration exposes St. Joe to disproportionate impacts from local economic downturns, shifts in regional consumer preferences, and severe weather events such as hurricanes, which could significantly disrupt development efforts and business performance.
2. Economic Volatility and Macroeconomic Factors: St. Joe is susceptible to broader economic fluctuations, including inflation, elevated interest rates, and supply chain disruptions. These factors can adversely affect the real estate market by reducing consumer demand for its products and services, increasing construction and operating costs, and impacting the cost of financing its projects.
3. Strategic and Competitive Risks: Operating in a highly competitive real estate development and asset management industry, St. Joe faces challenges in successfully executing its business strategy, which encompasses residential real estate development, hospitality asset expansion, and commercial property management. Competition from various real estate companies can hinder its ability to attract tenants, lease properties, and sell real estate. Additionally, the company's reliance on joint ventures introduces risks related to the actions and financial stability of its partners.

Accelerating impacts of climate change, specifically rising sea levels, increased frequency and intensity of hurricanes, and related environmental changes. These pose a direct threat to the long-term viability and insurability of coastal and low-lying developments, potentially decreasing property values, increasing development costs, and deterring future investment in their core operating region of Northwest Florida.

• Residential Real Estate Development: The land development industry in Florida is projected to have a market size of $1.5 billion in 2025. The median single-family home price in Florida was $410,000 at the end of September 2025. (Region: Florida, U.S.)
• Commercial Real Estate Development and Leasing: Commercial land sales volume in Florida was $4 billion over the 12 months leading up to March 2024, with an average sale price of $2.5 million. Florida's commercial real estate market is experiencing rapid growth and is expected to see continued growth in 2025. (Region: Florida, U.S.)
• Hospitality Operations: The global resort market size was estimated at $347.1 billion in 2024 and is anticipated to reach $945.4 billion by 2030, with the U.S. market expected to grow at a significant compound annual growth rate (CAGR) of 18.5% from 2024 to 2030. Florida's hospitality and tourism industries are projected for continued growth. In 2024, Orlando alone welcomed over 75 million visitors. (Region: Global, U.S., Florida)
• Forestry Operations: Annual timber revenue in Florida exceeds $16 billion. Florida has 10.7 million privately owned timberland acres. (Region: Florida, U.S.)

• Residential Real Estate Development and Sales: The company plans to continue expanding its master-planned residential communities, leveraging a substantial pipeline of over 24,000 entitled homesites in various stages of development. Growth in this segment is anticipated from both an increase in the number of homesite closings and higher average homesite base prices, reflecting a focus on higher-end communities and strong demand in the Northwest Florida market. For example, residential real estate revenue grew by 94% in Q3 2025 compared to Q3 2024, with the average homesite base price increasing to $150,000 from $86,000. The Latitude Margaritaville Watersound community is a flagship project fueling this growth, with 1,992 occupied homes as of Q2 2025 and 216 homes under contract.
• Expansion of Hospitality Offerings: St. Joe anticipates continued growth in its hospitality segment, which includes its private membership club and hotel operations. The company has seen consistent increases in hospitality revenue, with a 9% rise in Q3 2025 compared to the prior year. Club revenue specifically increased by 14% in Q3 2025, and hotels' revenue grew by 6% in the same period. This growth is supported by an increasing number of club members, reaching 3,578 as of September 30, 2025.
• Growth in Commercial Leasing: The St. Joe Company is focused on expanding its commercial leasing portfolio, particularly in its town centers. This segment has consistently generated record-high revenues, with a 7% increase in leasing revenue in Q3 2025 to an all-time quarterly record of $16.7 million. The company executed 83 commercial lease transactions in the first nine months of 2025, demonstrating active expansion in this area.
• Strategic Infrastructure and Regional Development: Broader regional development and infrastructure improvements in Northwest Florida are expected to serve as catalysts for St. Joe's various segments. This includes the development of the FSU Health academic medical campus, which is positioned as a driver for economic growth and institutional demand. Additionally, new nonstop flight services, such as those between Northwest Florida Beaches International Airport and New York City's LaGuardia Airport, are anticipated to expand marketing efforts and promote the Watersound lifestyle, attracting more residents and visitors to the area.

Share Repurchases

• The St. Joe Company repurchased $8.8 million of common stock in 2020.
• In 2024, the company repurchased $3.4 million of common stock and increased its stock repurchase authority to $100 million.
• For the first nine months of 2025, St. Joe repurchased $24.9 million in common stock.

Outbound Investments

• As of year-end 2023, St. Joe had $66.4 million invested in its unconsolidated joint ventures, which contributed $22.7 million in pre-tax income for the company.
• St. Joe invests in unconsolidated joint ventures, such as the Latitude Margaritaville Watersound joint venture, which had 216 homes under contract in Q2 2025, expected to result in sales value of approximately $129.4 million upon completion.
• In 2023, the company invested $74.4 million in the residential segment to meet homebuilders' demand for homesites.

Capital Expenditures

• In 2023, capital expenditures totaled $217.8 million, with $209.8 million directed towards new operating assets or residential development and $8.0 million for sustaining capital on existing operating properties.
• For the full year 2024, the company funded $129.4 million in capital expenditures, with 52.6% allocated to developing residential land and the remainder split evenly between hospitality and commercial uses.
• The St. Joe Company's capital expenditures for the first nine months of 2025 amounted to $89.6 million, focusing on development across residential, hospitality, and commercial segments in Northwest Florida.